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Transcript of Bitcoin
- first decentralized digital currency
- an online, virtual currency
- peer-to-peer, open software
- not restricted by banks or clearing houses
- transactions over the Internet between any two parties
- 1 bitcoin ~ $285 US
How Does Bitcoin Work?
Bitcoin in the News
- No third parties
- Heavy encryption
Pros and Cons
October 29, 2013
Coffee shop in Vancouver
Popluar, busy location that accepts Bitcoins
Over $10,000 exchanged
Place Bitcoin ATM's across Canada by the end of 2013 and enter the USA in 2014
Canada Gets First Bitcoin ATM
$28 M = 144,000 Bitcoins
Largest Bust ever
Ulbricht operates online drug trade
Black market for illegal drugs
Drugs are bought and sold using Bitcoins
Bitcoins will be liquidated
Deadly Computer Virus Demands Bitcoin Ransom
Bitcoin and the Computer Virus
Victims receive virus through email
Undetectable by most anti-virus programs
Cryptolocker would run through your computer and remove and take all your data
Files are locked and will be lost forever unless you pay a ransom
- Technological susceptibility
- Illegal activity
Ross William Ulbricht- Founder of the Silk Road Drug Trade
Bitcoin and Business
The Future of Bitcoin
International Business is growing.
Attractive for businesses.
China showing interest (Businesses and Government).
No obligation to give money back. Users expect some kind of insurance.
Currently untraceable. Attractive for illegal activity.
Government will eventually step in.
Unknown Future (Risky)
Chance of a better digital currency.
Bitcoin currency value --> $0.00.
Bitcoin must keep adapting and improving.
Great way for users to transfer money anywhere in a quick and inexpensive manner.
Cost of fraud is no longer an issue for merchants
Currently a very risky option, as the value fluctuates all the time
Only a matter of time before government regulates
Theory shows great potential for what our future may hold.
- First Purchase in 2009
- Growing in popularity
- Smaller businesses among
the first to adopt